Rays' $1.7B sale could reportedly be done by September: Will new ownership keep team in the Tampa Bay area?

Stuart Sternberg bought the Rays for about $200 million

The sale of the Tampa Bay Rays franchise to a group of local investors has been agreed to and may be finalized by September, according to The Athletic. A group led by Jacksonville, Fla., developer Patrick Zalupski is reportedly poised to purchase the club from Stuart Sternberg for roughly $1.7 billion. The Rays confirmed last month that they were in exclusive negotiations with Zalupski and his investors.

The Athletic also reports: 

"Zalupski is expected to keep the team in the Tampa Bay area, with a strong preference to be in Tampa rather than St. Petersburg, the source said."

Sternberg, who originally took control of the team in 2005, paid roughly $200 million for controlling interest. During Sternberg's tenure as owner, the Rays have been broadly successful and have won two pennants. However, that on-field success has come despite Sternberg's dogged refusals to invest in payroll. According to Cot's Contracts data, the Rays since 2005 have ranked no higher than 22nd in Opening Day payroll and no higher than 24th over the last decade. Eight times under Sternberg, they've ranked 29th or 30th in MLB in Opening Day payroll. 

Zalupski is founder and CEO of Dream Finders Homes, which got its start in Jacksonville. The company is valued at $3.4 billion and Zalupski's net worth is $1.4 billion, per Forbes. Earlier this year, Forbes valued the Rays at $1.35 billion, second lowest among the 30 MLB teams. Franchise valuation is not necessarily the same thing as sale price, though it is a decent guidepost.

The proposed sale of the team comes against the backdrop of stadium uncertainty for the Rays. Back in March, Sternberg announced the Rays will not move forward with plans to build a new $1.3 billion ballpark in St. Petersburg, citing "a series of events beginning in October that no one could have anticipated." Chief among those events is Hurricane Milton, which severely damaged Tropicana Field. That immediately led to speculation Sternberg would sell the team.

The damage to Tropicana Field has forced the Rays to play their home games at George M. Steinbrenner Field, spring training home of the New York Yankees, this season. The Trop is undergoing repairs and is expected to be ready in time for the 2026 season. The team's lease expires after 2028. It was extended one year because the Rays are unable to play there this season.